KUALA LUMPUR – i-Lindung, a new social protection scheme launched by the Employees’ Provident Fund (EPF) is meant to expand insurance coverage for the uninsured, especially for those working in the informal sector or self-employed, said Finance Minister Datuk Seri Tengku Zafrul Tengku Aziz.
Speaking at the launch event earlier today, Tengku Zafrul said the scheme is part of the government’s initiative to strengthen social protection.
Acknowledging the need for a better protection net, Tengku Zafrul said i-Lindung also provides contributors protection from unforeseen incidents that could lead to a loss of income, apart from giving conventional insurance coverage.
“Every individual needs to know the benefit of insurance or takaful to protect them from risk or challenges such as chronic diseases, accidents, permanent disabilities or death.
“This is even more crucial for those working on their own and having dependents, such as spouses and children.
“For example, if something happened to the main provider, such as accidents, permanent disability or chronic diseases, can they afford to bear the cost of treatment? What is more tragic is if those who have dependents pass away or lose the ability to find an income,” he said.
The finance minister, however, lamented that despite efforts to expand social protection, including government-funded initiatives, awareness of the importance of social protection schemes and preparation for retirement remains low among Malaysians.
However, Tengku Zafrul lauded EPF’s effort to increase social protection in tandem with the government-linked companies’ (GLC) transformation programme.
The initiative was implemented by the government to drive the recovery and rebuilding of the post-pandemic economy through the ecosystem of GLCs and government-linked investment companies (GLICs).
“So far, this strategy has materialised, with new member registrations increasing 57% to 146,000 members in the first quarter of 2022, while voluntary contributors accumulated under the i-Saraan programme jumped 77% to 599,000 people,” he said.
i-Lindung is a self-service platform where EPF members can purchase protection products at an affordable premium, with funds deducted from their Account 2.
Members can purchase takaful products from companies such as FWD Takaful Bhd, Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Etiqa Life Insurance Bhd, and Etiqa Family Takaful Bhd.
Members can also obtain information on the available products and prices, and get a quick quotation before purchasing the preferred product.
While members are not required to undergo any medical or health assessment, they will be required to answer a few simple health questions provided, if any. – The Vibes, July 12, 2022
